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Business partnerships or joint ventures as they’re usually called can be quite lucrative to all parties concerned. The main reason why some businesses would want to find a partnership is that they want to expand into a new market. It’s very difficult to enter into a market and expect to see a return on investment (ROI) within the first 3-5 years. This is why it’s a good idea to use another brand, which does have a prominent presence in a market you are interested in, to be your springboard. In the current business climate, a business partnership can also be an anchor in terms of expansion. It diversifies your organization and makes your operational risks less risky.
Growing markets
The latest healthcare and leisure trend is vaping. It’s a far better option than smoking as it doesn’t have as many harmful downsides. The vape market is skyrocketing because it is so versatile. Customers love the ability to change out their vape kits, vape oils and customize their personal vape both in terms of function and aesthetics. If you are a business owner, seeking to get your foot in the door of the vaping industry, work with a business that sells wholesale vape carts. They research their own kits, brand the carts, and create modern cartridges that can be easily swapped out. Most of all, they are focused on safety, so customers fully realize the potential for a better level of health than smoking cigarettes.
Linked markets
Getting into a partnership with a business that is in a linked market, makes perfect sense. For example, GoPro is a great camera manufacturer that is often used by those who live a sporty lifestyle. On their YouTube channel, GoPro shows how their product is used. People from all around the world, whether it be surfing, skydiving, mountain climbing and kayaking, are showing how they are pushing their limits. GoPro is working with various energy drink companies because they too are often consumed by sporty people. It makes perfect sense to work with linked markets like this. In your business, can you spot any potentially linked markets that you should try to venture into by working with prominent names?
Become a source
Harnessing the media is undoubtedly one of the main concerns for any business. It’s not just to protect and elevate your brand, but to gain a reputation among millions of readers for being a leading light in your industry. This is why you should try to form a partnership with a media company. You should offer to give them:
- Exclusive interview rights (useful for product launches, industry breaking news)
- Give filming rights of behind the scenes in your business
- Confirm rumors swirling around the industry of any major change
By doing this, you can become a source that media outlets can rely on. Consequently, they will give you more coverage. A partnership with a prominent outlet such as New York Times or the BBC, could continually keep your name on the newspaper pages and on the screen.
There is a never-ending list of contemporary business partnership options for your to explore. Each one will help your brand to expand and for your customer base to grow exponentially. But, which one is the most cost-effective?
